Problems arose in the negotiations ahead of signing of the deal, when Zeevi demanded Boymelgreen improve his offer by several million dollars. The original purchase price of the Assuta compound was set at $46 million, which was the amount that Boymelgreen Capital mentioned in a notice to the Tel Aviv Stock Exchange (TASE). Boymelgreen finally raised his offer to $50 million, which is considered high, especially considering the building rights for the compound.

The Assuta compound is zoned for 180 apartments in a 24,000-sq.m. 35-storey high-rise, plus another 40 apartments in the Assuta Hospital’s existing buildings, and 2,400 sq.m. of commercial space. The development is being promoted by Mirage Israel Development Ltd., owned by Zeevi, and Dag Hacesef Assets & Buildings (1992) Ltd., Dan Goldstein and Jack (Yaki) Dunietz.

The Urban Building Plan (UBP) passed its first hurdle when the Tel Aviv Local Planning and Building Commission approved it, but many objections are expected from local residents when the UBP is deposited with the Tel Aviv Regional Planning and Building Council. The residents fear that a shortage of parking in the area caused by the project will lower property values. The UBP includes 100 parking places in addition to the 340 parking places allocated for the building itself.

Published by Globes [online], Israel business news - www.globes.co.il - on March 26, 2006

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I respected your views, so I expect you do to the same.

Comverse Technology Inc.’s (Nasdaq: CMVT) tender for the construction of the $100 million Kiryat Comverse in Ra’anana is nearing the finish line. Sources inform ''Globes'' that Minrav Holdings Ltd. (TASE: MNRV) is in advanced negotiations with Comverse on the tender.

In October 2005, Comverse published a request for offers for construction of the $100 million Kiryat Comverse - 90,000 sq.m. of offices, laboratories, and other structures on a 40-dnuam (ten-acre) lot it bought from private parties for $20 million in 1998. The contractor selected will carry out finishing work on the buildings, including delivering and installing furniture, as well as the finishing work on the complex, deliver and install furniture and also maintain some systems for two years, and ten years for others.

Comverse plans to occupy its new premises in January 2007.

Published by Globes [online], Israel business news - www.globes.co.il - on March 26, 2006

Africa-Israel Investments Group to build new hotel designed for business travelers; hotel expected to occupy 12 floors in new square tower being constructed
Ynet

A new business hotel is expected to be built on floors 11 through 23 of the new square tower being constructed at Tel Aviv's Azrieli center, according to an agreement signed Monday between the Africa-Israel Investments Group owned by businessman Lev Leviev and the Azrieli Group.

Africa-Israel Hotels CEO Ariel Kapon said that the hotel will operate under an international name brand, which has not been released yet, and will include 272 rooms and suites, a gym, conference rooms, restaurants, and a business center to cater to the hotel guests and other businesspeople from the area.

The hotel is set to open by the end of 2007, when the construction of the new square building will be completed.

The decision to build a hotel for business travelers in that location was made in light of market studies that showed business travelers
prefer to stay in a hotel accessible to transportation (also to the airport), and in close proximity to shopping and business centers.

Kapon also stated that the new hotel will operate in addition to the Crown Plaza hotel already operating in Tel Aviv. The company operates nine hotels throughout Israel, and recently inaugurated a spa hotel near Moscow. It is currently in negotiations to build a new business hotel in central Moscow

Habas will likely begin recording revenue on the Philippe Starck-designed project in the first quarter of 2006.

Roy Meltzer 28 Mar 06 15:20

Habas HZ Investments Ltd. (TASE: HABS) published its financial report for 2005 yesterday, which provide a peek at one of the most luxurious residential projects now under construction in Israel - the Yoo project in Tel Aviv’s Zameret Park. International designer Philippe Starck is a partner in the Yoo project.

The Yoo project comprises 297 apartments in two high-rises, one with 37 floors and the other with 41. Starck designed the buildings, and will receive 10-15% of the project’s profit.

Habas does not recognize revenue from the Yoo project in its 2005 financial report, because only a 24% of construction was completed by the end of the year. Under accountanting standards, revenue must be recognized only after 25% of construction and 50% of sales in a residential project are completed. It is believed that Habas will begin recognizing revenue from the Yoo project in its financial report for the first quarter of 2006.

Habas says 111 apartments in the Yoo project were sold for NIS 412 million up to the date of the financial report. This figure reflects an average price of NIS 3.7 million, or $800,000 per apartment. Habas said prices ranged between $3,500 and $8,000 per sq.m. The company added that it sold a further eight apartments for NIS 63 million after signing the financial report.

Habas revenue fell 20% in 2005 to NIS 70 million, and it posted a net loss of NIS 15 million. The company’s shareholders’ equity was NIS 139 million at the end of 2005, financing a balance sheet total of NIS 590 million. The company’s market cap is now NIS 362 million.

Published by Globes [online], Israel business news - www.globes.co.il - on March 28, 2006

1,550 apartments in six 46-storey and two-28 storey high rises are planned to replace 340 old apartments in the city’s Abra’le neighborhood.

Ron Paz 2 Apr 06 13:30

When late Prime Minister Menachem Begin initiated the vacate-and-build program, the idea was to rehabilitate poor and run-down neighborhoods into modern and developed one, thereby better utilizing land and improving residents’ quality of life. At the time, the Ramat Gan neighborhoods of Ramat Amidar and Ramat Shikma were declared candidates for vacate-and-build projects, and the adjacent Abra’le was slated for strengthening, i.e. expand old apartments, but no new construction.

The Ramat Gan municipality, however, has decided to exploit Arba’le superb location and high land values to initiate a huge vacate-and-build project as the only way to improve the housing conditions in the area. Part of the neighborhood, with mostly two-and three-room 340 old apartments in 23 building slated for demolition, as well as six shops and a Bezeq center, will be replaced by 1,550 large apartments in six 46-storey and two-28 storey high rises. The new apartments will be three to five rooms each, ranging form 80 to 170 sq.m., with an average gross area of 100 sq.m.

The Ramat Gan Local Planning and Building Committee decided to obtain an exemption of the betterment tax for the project, subject to the consent of the Ministry of the Interior. The municipality says the project has no chance of being built without this exemption, because the residents lack the means to pay high taxes to upgrade their apartments. The two 28-storey apartments are slated to be built first, to house the vacated residents, who will each receive a room and a half more than their original homes.

The Ramat Gan municipality is optimistic that the residents will agree to the project, The Local Planning and Building Board has already approved the project and deposited it with the Tel Aviv Regional Planning and Building Council, which is examining the suitability of high-rise construction for middle-class residents, as well as the project’s impact on the local environment and traffic.

The Ramat Gan municipality is also considering a residential neighborhood adjacent to the Park Haleumi. Apartments overlooking the safari park therein definitely sound like a good start.

Published by Globes [online], Israel business news - www.globes.co.il - on April 2, 2006

The Hashoftim lot is zoned for a 25-storey luxury high-rise with apartments of 120-220 sq.m. each.

Guy Yamin 6 Apr 06 15:52

Gindi Holdings, owned by Adv. Lital Gindi-Matalon, Avi Gindi and Adv. Guy Gindi has bought Tel Aviv’s Hashoftim lot, at the corner of Shaul Hamelech Street and Ibn Gvirol St. from Ashdar Building Co. Ltd. and Sahar Development & Investments Ltd. (TASE:SAIN-M) for $17 million. Gindi Holdings is taking the place of Gemolab Real Estate Ltd., which obtained an option to buy the lot through a buyers consortium in October 2005.

The Hashoftim lot is zoned for a 25-storey high-rise with apartments of 120-220 sq.m. each. Gemolab has already marketed 40 apartments, 60% of the project’s total units. Gemolab CEO Avi Horesh said, “The apartment buyers include managers of public and financial companies, senior doctors, jurists and a group of Jewish bankers from Zurich, who bought them for personal use.”

The high-rise will be located within walking distance of Tel Aviv’s cultural centers, including Habima Theater, the Mann Auditorium, Tel Aviv Museum, the Opera House and the Golda Center. Gemolab is marketing three-room apartments at $3,500-4,300 per sq.m., and four-room apartments at $3,500-4,700 per sq.m. Total proceeds from the project are estimated at $50 million.

The Hashoftim lot has been at the center of longstanding disputes. Ashdar and Sahar Development bought the lot in equal shares ten years ago from the National Insurance Institute for a then-record $8.1 million. They planned to build the luxury high-rise themselves last year, but apparently decided it was more worthwhile to sell the lot.

Published by Globes [online], Israel business news - www.globes.co.il - on April 6, 2006

Beautiful designs and a modern city
It looks like US rather than middle east

that's what I thought too, by looking at some of the pictures (especially pictures with that expressway crossing through the city). but that's only one face of tel aviv. Ive seen plenty of pictures where tel aviv is looking very european (especially the street life). with 80 towers over 40 floors planned this surely will change soon...

The Tel Aviv District Court rejected an appeal by residents of a WIZO-owned senior citizens home against the move.

Yitzhak Danon 16 Apr 06 15:32

The Tel Aviv District Court has rejected an appeal by residents of a WIZO-owned senior citizens home against plans by WIZO (Women's International Zionist Organization) to rezone the property in which they currently live.

“Having studied the arguments by both sides, I am satisfied that there is no pressing urgency for the temporary injunction requested by the appellants, since the process of approval and implementation of the plans to which the appellants have objected will take several years to reach fruition,” ruled Tel Aviv District Court deputy president Yehuda Zaft, as he rejected a motion by 22 residents at the WIZO old-age home in David Hamelech Street against the rezoning of the property.

The home is situated on a 15 dunam (3.75 acres) lot, which, it was alleged, is to be used by WIZO for the construction of a luxury high-rise. WIZO dismissed the petition, saying that it had no plans to close the senior citizens home as long there were residents who wished to continue living in it. It added that the appellants did not have the right to demand that WIZO continue to run the old-age home indefinitely.

Published by Globes [online], Israel business news - www.globes.co.il - on April 16, 2006